By Celiwe Ross, Director: Strategy, Sustainability, People & Public Affairs at Old Mutual

Exponential thinking is a mindset built on the foundations of audacity and abundant opportunity. Focusing on growth, change, innovation and disruption, exponential thinking is the accelerant behind new industries and a leadership mindset of continuous learning. It allows for a startup mindset to permeate decision-making and planning and opens the door to untapped possibilities.

Stepping away from the linear, easily disrupted way of thinking, an exponential approach sets the tone and the standard for the future. Today, as Africa takes bolder strides onto the global stage, it is essential that this way of thinking defines how the continent overcomes the issues impeding its growth and sustainability.

Our continent continues to contend with socio-political inequalities such as access to healthcare, resources, education and jobs. South Africa, Namibia and Zambia, for example, have the highest income inequality in the world, and 50% of the poorest percent hold only 1.2% of the wealth. The continent is also grappling with connectivity – access to digital and mobile connectivity is costly and is affecting skills development and service delivery. It is also perpetuating the gender gap where 37% fewer women are using the internet than men.

Exponential thinking asks that companies, individuals and communities reframe their approaches to the challenges prevalent on the continent. Transforming these into opportunities means investing into knowledge, insights and technology. It means adopting a mindset that directly addresses these issues through granular visibility into their causes, and how innovative approaches and alternative ways of thinking can resolve them. 

What can corporations do to reimagine the future of Africa?

It is time to be audacious – in thinking and in action. With exponential thinking companies can leverage rapidly advancing technologies and scalable solutions to drive transformative change across the continent. For instance, digital platforms can promote financial inclusion, while decentralised solutions like solar microgrids and satellite internet can leapfrog infrastructural limitations.

In education and skills development, AI-powered adaptive learning systems can democratise access to quality education and rapid upskilling. And wealth creation can be accelerated through digital marketplaces. The key principles of exponential thinking in this context means scale, access, and embracing technology.

This is reflected in commentary from the World Bank that underscores the value of technology in changing the African story. Digital transformation is already changing access to education, skills development, and digital and financial services, and this is shifting the continent towards vibrant, safe and inclusive digital economies and societies.

Limited opportunities should not define the story of the people on the continent.

Investment into disruptive and sustainable technologies and ideas can shape our economies and communities. When everyone plays a role in future-proofing Africa through access to emergent technologies, innovations and skills development, they are working towards a tangible resolution to these challenges. Companies need to ask what technology can do to create opportunity, disrupt thinking and make a meaningful impact, taking measurable strides towards this goal. It is also key that they find better ways of collaborating with the right technology partners, so their combined efforts change the narrative, sustainably.

Old Mutual, as evidenced in our Sustainability Report 2023, has prioritised this sustainability and the creation of solutions that prioritise people. The company simplified how customers access our systems and portfolios to lower the barrier to entry and we saw digital engagement increase by 17% in 2023 from 2022.

Keeping pace with the future means bringing and not leaving people behind.  Education, particularly when it comes to financial inclusion and a deeper understanding of investments and insurance, is crucial to opening Africa’s doors and creating opportunities and securing these prospects by safeguarding and managing risk. Knowledge sharing is the foundation of inclusion, when people are empowered with information, they can make better decisions, expand their own thinking and become the next generation of innovators, creators and startups.

And this is where the exponential thinking, coupled with a leadership mindset, becomes a force for positive change. It equips organisations with the foresight and agility they need to navigate their futures and turn their challenges into ideas that disrupt the market, with leaders who inspire to guide and empowers others.

Old Mutual has committed to becoming a champion for financial wellness in Africa by creating pathways to education, inclusion and innovation. This is defined by responsible investments into sustainability-based products and engagements, enabling access, and building resilience. The company is making bold moves to empower customers by building financial wellness corridors that make learning accessible for people. Our SMEgo platform is a case in point – designed to support and assist small business owners where it matters most – this includes, but is not limited to, providing these enterprises with access to financial support, and it meets a very real need in education and innovation.

This investment is bolstered by financial education and inclusion programmes tailored to promote a culture of financial independence for our customers. Our innovative Moneyversity platform has engaged and helped more than 110,000 users to become more financially astute; the 22seven free budgeting app engages with 1.9 million linked accounts; and the On The Money programme has provided personalised, face-to-face support to more than 136,000 people.

As headline sponsor of the upcoming SingularityU South Africa Summit, Old Mutual is focused on supporting local brilliance and inspiration and this is reflected in the company’s ongoing commitment to leveraging technology to help people and businesses move into the future with confidence. The companies mantra – to be a certain friend in uncertain times rings true.

As climate change, geopolitical uncertainty and economic instability remain volatile and complex, Old Mutual is investing in solutions, to turn some of our continent's most pressing challenges into opportunities for inclusion. Emergent technologies define how the company approaches risk modelling around climate change; understanding how differential factors influence community wellbeing; and enhancing financial inclusion.

While there is still fear and uncertainty around how technology will shape the future, Old Mutual is prioritising technology for good, for positive change that recognises the importance of people. Technologies have to augment human potential, not inhibit it.

The future must be defined by companies that protect consumer rights and interests while equally building the next generation of solutions. Artificial intelligence, machine learning, automation, data, analytics – these technologies are the shape of opportunity in the right hands.